Classic Boris Johnson as he condemns EU limit on bank bonuses

The last Roman ruler to persecute Christians, Diocletian brought stability to the empire after the chaotic third century. In 301AD, he passed his edict on prices, an unsuccessful attempt to stop inflation by imposing maximum prices on common goods.

Most contentiously the rules are proposed to apply to the staff of European banks who work outside the EU, in financial centres including New York and Singapore.

Supporters of the cap say it will discourage bankers from pursuing the sort of high-risk deals that helped cause the financial crisis. Opponents point out that hedge funds, private equity companies and other financial firms are unaffected.

Mr Johnson said the rules would only harm Europe.

“Brussels cannot control the global market for banking talent. Brussels cannot set pay for bankers around the world,” he said.

“The most this measure can hope to achieve is a boost for Zurich and Singapore and New York at the expense of a struggling EU.” Mr Johnson added: “People will wonder why we stay in the EU if it persists in such transparently self-defeating policies.”

Britain had attempted to block the rules, but was outvoted. Ministers can now only argue about how the cap should be applied.

Mr Cameron said on Thursday that Britain would push for more flexibility in the cap.

Good for Europe, these greedy so-and so’s create zero added value, there parasitic existence is purely about personal gain. They will have a collective queening fit and leave Europe? Well that will save the costs of deporting them, They are universally despised, put up London property prices and sew the seeds of social discontent with their conspicuous consumption and bad taste. The rest of the giant Ponzi scheme called “The City” had best behave itself too.
The people have had enough and there is however a booming futures market in tumbrils.

Comments are closed.

Provides news, articles and photos by and about the politician, journalist and columnist Boris Johnson